What's wrong with this best-buy college list?

(MoneyWatch) COMMENTARY We're knee-deep in the college rankings season, with U.S. News & World Report, the most prominent peddler of that classification, set to release its latest list on Wednesday.

I'm sure I'll have plenty to say about the newest college rankings tomorrow, but I wanted to get a head start by sharing my thoughts about an ancillary rankings list that U.S. News is sharing in advance of the big unveiling. The magazine released its list of the top 10 best value schools among national universities. Here are U.S. News' best  best collegiate buys (in alphabetical order):

- California Institute of Technology
- Columbia University
- Dartmouth College
- Duke University
- Harvard University
- Massachusetts Institute of Technology
- Princeton University
- Rice University
- Stanford University
- Yale University

A predictable college list

Frankly, I could have drawn up a nearly identical list without access to any of U.S. News' data. The best-value list always favors the most exclusive institutions, which are magnets for extremely wealthy students who obviously don't need financial aid.

Even though the cost of attendance at these elite schools is at or near $60,000 per year, many students are too wealthy to qualify for any need-based aid. At Princeton, for instance, 41 percent of students in a recent freshman class were too rich to obtain financial aid, according to federal figures. And that statistic is misleading because plenty of students who by ordinary standards would be considered wealthy qualify for need-based aid at the Ivy League school.

To illustrate this phenomenon, I used Princeton's financial aid estimator to get an idea of how rich you can be and still get significant assistance from this school. The parents in my hypothetical family has gross income of $300,000, with $100,000 in taxable assets. (Aid calculations don't take into account retirement assets, so a family could have millions in retirement accounts without jeopardizing aid.) My couple has one Princeton-bound student and another headed to another university. When I ran the numbers, Princeton would provide the student with a grant of nearly $26,000 for freshman year.

In short, these elite schools do provide great financial aid, but the institutions on this list reject nearly all-comers. And these institutions heavily favor the wealthy who don't need any financial help.

Hey U.S. News, how about creating a list of best-buy schools with great financial aid where the odds of getting in aren't infinitesimal?

Image courtesy of Flickr user dougtone

[Clarkson_VP]

Perspective beyond ignoring rankings: Rankings are one form of external validation. As the 3rd smallest of the ranked National institutions in the US News survey, my campus is proud that our stats and peer evaluation put us in US News' top tier. We're also delivering on our mission when US News puts us on its "Best Value" list and even its "A+ Schools for B Students," since we believe our job is to add value during each undergrad's four years.

While another list of best-buys will find another elaborate way to measure schools, there are a few of us who simply recognize rewards come from vigor and rigor during college -- work hard + play seriously = a great career upon graduation.

Our number one validation of a Clarkson education is in the remarkably successful careers of Clarkson alumni and their contributions to society. Visit http://www.clarkson.edu/hired to see a snapshot of how we measure it, track it using Payscale's starting salary benchmarks with 1003 other schools (we're #17 in starting salaries for 2011-12) and our alumni's leadership in industry: 1 in five alumni is already a CEO, President or senior executive of a company.

Is a great job enough return on investment? Our private tuition price reflects what it takes to prepare students in a technology rich environment for their global future. In US News' Academic Insights database that went live at 11:45pm last night, Clarkson is #1 of National Universities in "% Receiving Need-Based Scholarship or Aid" - we are one of those places still accessible to those who seek to enroll and can qualify for admissions. 99% of our students have financial aid through the generosity of our alumni and their gifts to endowed scholarships and the Clarkson Fund for an education that goes on the plate towards preparing students for a rewarding career and professional choices.

Feel free to contact me directly for your stories if graduation outcomes count. This isn't meant to be an ad for my university, but a point that the predictably ordained "elite educational institutions" are not the only ones that deliver great lifetime results for students from all walks of life. Kelly Chezum, [e-mail].

[eduLaunchpad]

Oh how true. Excellent observations Lynn.